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Originally Posted by Lightspeed
I'm confused about this one. When did the last housing crisis get resolved? Is this a double-crisis now?
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It's one of those tricky articles where you have to read more than just the headline to understand the context.
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Although the shortfall of homes is not large, it is significant, because it is a reversal of the trends over the last few years when low levels of immigration and high levels of residential building saw the supply of new homes in Auckland exceeding demand from population growth.
The Statistics NZ figures show that over the three years from June 2018 to June 2021, Auckland's population increased by 49,900, or an average of just 16,633 a year, largely due to immigration coming to an almost complete standstill following the introduction of Covid-related travel restrictions.
To satisfy that population growth, an additional 16,663 new homes would have been required over that three year period, but Auckland Council figures show that 34,554 homes were actually completed, more than twice as many as required to handle the increase in population, giving a surplus of 17,921 homes over the three years.
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It doesn't matter how those homes were distributed amongst people, on raw numbers there were enough houses. If they were left empty it doesn't matter, because more of them were built than needed in theory, so crisis over.
I guess there really is a double crisis: housing affordability crisis, as well as housing capacity crisis. Print money, buy bunks, problem solved. I should team up with xor and solve all the world's problems, we got this.